Half year financial report 2023 - 2024 by greenyard

Content Message from the CFO

Key financial information

Sales and Adjusted EBITDA per operating segment

Condensed consolidated interim financial statements

Condensed consolidated income statement

Condensed consolidated statement of comprehensive income

Condensed consolidated statement of financial position

Condensed consolidated statement of changes in equity

Condensed consolidated statement of cash flows

Notes to the condensed consolidated interim financial statements

1. General information

2. Significant accounting policies

2.1. Declaration of conformity 2.2. Seasonality 2.3. Changes in accounting policies and disclosures

18 19 19

3. Segment information

4. Notes to the condensed consolidated income statement

4.1. 4.2. 4.3. 4.4.

Operating expenses Other operating income/expense Net finance income/cost Income tax expense/income

5. Notes to the condensed consolidated statement of financial position 5.1. 5.2. 5.3. 5.4. 5.5. 5.6. 5.7. 5.8.

Property, plant & equipment Goodwill Other intangible assets Right-of-use assets Other financial assets and liabilities Shared based compensation Pension and other employee benefit liabilities Interest-bearing loans

21 22 22 23

24 24 24 24 24 25 25 25 26

6. Other elements 6.1. 6.2. 6.3. 6.4. 6.5. 6.6. 6.7.

Subsidiaries and changes in consolidation scope Off-balance sheet commitments Contingent liabilities Related parties Risk management description Litigations and claims Events after balance sheet date

Statement of responsible persons

28 28 28 28 29 29 29 29

Statutory auditor’s report on the condensed consolidated interim financial statements 32 Financial definitions

Message from the CFO

Dear customers, growers, business partners, colleagues, and shareholders, This message marks my first period as Chief Financial Officer of Greenyard. During that time, I am glad to say, I have met people and a company with passion and entrepreneurship and a bright future of growth in providing healthy and nutritious food experiences. It is great to see, that our 8 500 food aficionados play a vital role throughout the entire food supply chain. Together, we manage a very complex supply chain. We unburden our customers, and ensure that the right products are in stores around the globe, at the right time, at the right prices and in the right form, from Fork-to-Field. The past half year, the market remained tough both for consumers and the food supply chain. We are faced with increased prices for raw materials, sometimes with as much as 20% or more. At the same time, as we work with a product of nature, our industry witnesses the impact of climate change first hand. This results in shortages and food insecurity. This should worry us all. It creates pressure in the market and requires flexibility of the entire food value chain. At the same time, consumer spending is hit, as inflation has made prices rise faster than wages in some countries. Consumers are forced to make choices every day. Also in their primary needs, such as food. It even forces some to substitute healthy food into cheaper, highly processed, foods. An evolution we need to stop. Healthy and nutritious products must remain available and accessible for all consumers. They should be their first choice. Therefore, we need to ensure that consumers are fully aware of all healthy alternatives. Food choices that remain close to crop and unprocessed, and at the same time tasty, nutritious, and characterised by an unseen broad assortment. Products in Fresh, but also in our Frozen and Prepared divisions.

Nicolas De Clercq, CFO Greenyard

This way of working not only offers a more cost-efficient and more transparent approach. It also allows us to support our customers on their assortment, and on how and when to market it in an optimal way. How and when to run the most efficient campaigns. This can be based on weather conditions for instance, or it can be linked to specific periods with higher demand, such as Easter or Mother’s Day. By working closely together and sharing data, we can boost perfor-

 With Greenyard, we play a vital role towards healthier, improved lives for all. We offer the solution in a market that is bound to grow. To bring these products to consumers in over 80 countries, highly efficient supply chains are all the more important to keep costs under control. This is one of the drivers for Greenyard’s strong performance, enabled by the Integrated Customer Relationships (ICR). ICR still is a unique approach to the market, especially in the fruit and vegetable industry. Total sales resulting directly from this integrated way of working have further increased from 74% to 78%.

mance in the entire chain. By also working closely together with growers, through Integrated Grower Relations, this unique model ensures that consumers are offered the best possible product at the right time, and at a fair price. Always to the benefit of all parties in the food value chain. In the first half of the financial year 23/24, we noted a significant increase in Like-for-Like Net Sales (+11,2%), resulting from Fresh volume growth and inflation compensating

actions in both segments. Despite a challenging market in fruit and vegetables, volumes grew by 1,7%, while prices increased by 9,5%. Our Adjusted EBITDA increased faster than revenue with a 12,3% increase, resulting in the margin increasing from 3.5% to 3,6%. The net result remains stable, due to higher interest costs and depreciation. The strong operational result combined with strict control over working capital, despite the investments and inflationary impact on the inventory levels, ensured a continued low debt and leverage ratio, decreasing from 2,7x to 2,4x year-on-year. This strong performance shows that Greenyard continues to grow within this very complex context. Beyond the current reality, we must also look at the future, in which diets with a higher share of pure-plant will have a more prominent place. Sustainability is also an important part of this roadmap. For this, we continued to invest in further automation, pure-plant (meal and food) solutions and integrated chains. The main automation projects spent in the Fresh segment were new citrus, mango and apple lines for the sorting and packing of the fruits, increasing capacity and quality. In Long-Fresh, Greenyard invested in technologies to ensure capacity for light coating, including meals with proteins, in Frozen, and higher capacity for sauces in Prepared.

Considering all known factors, we are confident that we will reach our guidance for the full year of € 4 900m of net sales, and an Adjusted EBITDA of € 175m-180m this accounting year. Furthermore, our ambition extends to the 2025/2026 horizon (the year ending in March 2026). We have the ambition to reach € 5 400m of net sales, and an Adjusted EBITDA of € 200 – 210m by then. With Greenyard, we play a vital role towards healthier, improved lives for all. We offer the solution in a market that is bound to grow. A diet shift to more pure-plant foods, will significantly reduce CO2 emissions, as well as the usage of land and water. And, equally important, there is increased support for the category. This ranges from top chefs to policy makers, acknowledging the importance as well as the unlimited possibilities for pure-plant foods in order to stimulate healthy and sustainable diets. We look forward to continuing our journey, together with all stakeholders throughout the entire food value chain.

Nicolas De Clercq Chief Financial Officer Greenyard

Key financial information

Key financials (in €'000 000)

H1 23/24

H1 22/23

Difference

Sales (reported)

2 521,3

2 301,9

9,5%

Sales (like-for-like)

(1)

2 488,3

2 238,6

11,2%

Adjusted EBITDA

90,3

80,4

12,3%

Adjusted EBITDA-margin %

3,6%

3,5%

Net result continuing operations

7,0

7,1

EPS continuing operations (in €)

0,13

NFD (excl. lease accounting)

316,0

328,4

2,4

2,7

Leverage (1)

-3,8%

Like-for-like sales are the reported sales corrected for the sales of divestitures (Greenyard Fresh UK and Greenyard Fresh France incl. subsidiaries).

Sales Greenyard achieved a 11,2% increase in sales (on a like-for-like basis) thanks to +9,5% inflation compensating measures (including -€ 0,8m FX impact on the USD, GBP, PLN and CZK) and a +1,7% volume increase driven by additional sales within the Integrated Customer Relationships (ICR). Group sales increased year-on-year by € 219,4m, up from € 2 301,9m to € 2 521,3m.

Adjusted EBITDA The Adjusted EBITDA increased from € 80,4m to € 90,3m, or +12,3%, thanks to the high crop yields in Long Fresh, further process efficiencies and higher compensation under the ICRs. The Adjusted EBITDA margin slightly increased from 3,5% to 3,6% for the first six months of the financial year.

EBIT EBIT amounts to € 35,4m which is +€ 8,1m compared to the same period last year, driven by the increase in Adjusted EBITDA, a lower level of reorganization costs and the gain on sales of Petrolina Brazil and Greenyard Fresh UK assets.

Net result Greenyard reports a solid net result from continuing operations of € 7,0m for the first half of the financial year which is in line with the same period last year. The higher operating result was offset by the increase in interest rates mainly due to a higher EURIBOR on non-hedged positions of the credit lines and factoring programs and higher factoring volumes due to inflated sales. On the other hand, income taxes decreased thanks to a favourable deferred tax impact in H1 23/24 compared to H1 22/23.

Leverage Excluding lease accounting and in line with the definitions in Greenyard’s’ credit facilities, net financial debt (NFD) was further reduced by € 12,4m compared to September 2022, to € 316,0m on 30 September 2023. This translates into a leverage of 2,39x, down from 2,69x in September 2022, thanks to an increased operating result, partially offset by an important increase in the Long Fresh inventory value mainly due to inflation.

EBIT - Adjusted EBITDA

TOTAL

Fresh

€'000

H1 23/24 Long UnalloFresh cated €'000 €'000

€'000

EBIT

14 834

20 471

132

Depreciation and amortisation

35 665

16 874

660

Fresh

Impairment property, plant & equipment

TOTAL

€'000

H1 22/23 Long UnalloFresh cated €'000 €'000

35 437

12 920

15 154

-742

27 332

53 199

32 628

16 571

498

49 697

€'000

503

51 002

37 345

792

89 139

45 548

31 725

-243

77 029

Reorganisation costs and reversal of provision for reorganisation costs (-)

374

417

1 403

148

1 595

Corporate finance related project costs

139

263

305

383

Costs related to legal claims

140

-1 621

-977

EBITDA

Result on sale of assets Other

190

231

Adjustments

-1 040

119

-853

1 733

-843

481

1 371

Current year EBITDA of divestitures (1)

1 992

1 999

Divestitures (not in IFRS 5 scope)

1 992

1 999

Adjusted EBITDA

51 954

37 413

911

90 278

49 280

30 881

238

80 399

(1)

Divestitures relate to Greenyard Fresh UK and Greenyard Fresh France including subsidiaries.

Leverage reconciliation

30 September 2023

30 September 2022

31 March 2023

€'000

LTM adjusted EBITDA

174 803

162 568

167 298

Lease accounting (IFRS 16)

-42 843

-40 611

-40 654

LTM adjusted EBITDA (for leverage)

131 967

121 957

126 644

NFD

537 190

549 382

499 910

Lease accounting (IFRS 16)

-221 151

-221 006

-222 626

NFD (for leverage)

316 039

328 376

277 285

2,4

2,7

2,2

Leverage

Reconciliation net financial debt

30 September 2023

31 March 2023

€'000

Cash and cash equivalents

-58 130

-119 357

Interest-bearing bank debt (non-current/current)

272 137

294 639

Interest-bearing lease & lease back debt (non-current/current)

84 897

86 817

Lease liabilities (non-current/current)

231 336

231 254

As reported

530 239

493 353

Net capitalised transaction costs related to the refinancing

6 951

6 557

Net financial debt

537 190

499 910

Lease accounting (IFRS 16)

-221 151

-222 626

Net financial debt (excl. lease accounting)

316 039

277 285

Sales and Adjusted EBITDA per operating segment Fresh Key segment figures - FRESH in €'000 000 Sales (reported) Sales (like-for-like)

(1)

H1 23/24

H1 22/23

Difference

2 065,0

1 911,2

8,0%

2 032,0

1 848,0

10,0%

Adjusted EBITDA

52,0

49,3

5,4%

Adjusted EBITDA-margin %

2,5%

2,6%

(1)

Like-for-like sales are the reported sales corrected for the sales of divestitures (Greenyard Fresh UK and Greenyard Fresh France incl. subsidiaries).

The Fresh segment achieved a sales growth of 10,0% on a like-for-like basis (or 8,0% on a reported basis), generating an additional € 184,0m in sales in the first six months of the financial year. The sales increase was mainly attributable to +7,6% sales price increases on Fruit & Vegetables despite persisting price pressure in Germany and a positive volume effect of +2,4% mainly attributable to additional programs within the Integrated Customer Relations, that now represent 78% of sales of the Fresh segment versus 74% in the same period last year and which provides a stable basis for the business. The Adjusted EBITDA increased by € 2,7m over the same period in the previous year, or 5,4% thanks to the result of Greenyard Fresh Poland and inflation and interest compensating measures within several ICRs. The result of Poland increased thanks to higher tariffs, improved warehouse fill rates and efficiencies. These results have been partially offset by higher costs in Germany and US. The latter due to a longer local season with lower margins.

Long Fresh Key segment figures - LONG FRESH in €'000 000

H1 23/24

H1 22/23

Difference

Sales (reported)

456,3

390,6

16,8%

Sales (like-for-like)

456,3

390,6

16,8%

Adjusted EBITDA

37,4

30,9

21,2%

Adjusted EBITDA-margin %

8,2%

7,9%

10 /

Sales in the Long Fresh segment have increased by € 65,7m compared to the same period last year, or a 16,8% increase on a like-for-like and reported basis. The double-digit growth is explained by an increase of +18,9% in price, thanks to inflation compensating measures, partially offset by a decrease of -1,7% in volume due to lower stock levels held by customers in an uncertain market. Transport activities decreased by 0,4%. The Adjusted EBITDA increased from € 30,9m to € 37,4m, or by 21,2%, versus the same period last year. This is an increase with € 6,5m, although the Prepared division benefited last year from a substantial one-off recovery of water management contributions. The EBITDA margin increases from 7,9% last year to 8,2%, driven by higher crop yields versus last year, leading to a higher cost absorption, mainly thanks to the late but very strong pea season.

Information for shareholders The Company’s shares are listed on the continuous market of Euronext Brussels (ticker: GREEN), more specifically in the compartment B (mid-caps) of this market, since 1 March 2005. The Greenyard share was introduced to the Brussels Stock Exchange in June 1999. Greenyard NV has a liquidity contract with ABN AMRO Bank. Greenyard holds 1 809 840 treasury shares per 30 September 2023, representing 3,5% of the total shares. On 30 September 2023 the share capital was represented by 51 515 443 shares, which have the same rights. Number of shares

Deprez Holding NV

12 550 861

24,4%

Food Invest International NV

5 890 987

11,4%

Alychlo

6 928 572

13,4%

Sujajo Investments SA

3 657 145

7,1%

Agri Investment Fund BV

2 419 579

4,7%

Mr Joris Ide

1 547 286

3,0%

Andreas Fonds maatschap

1 000 000

1,9%

Treasury shares

1 809 840

3,5%

Public

15 711 173

30,5%

TOTAL

51 515 443

100,00%

8,50

200 000

8,00

180 000

7,50

160 000

7,00 6,50 6,00 5,50 5,00

140 000 120 000 100 000 80 000 60 000 40 000

4,50

20 000

4,00

Volume

Share price (EUR)

Shareholder structure

/ 11

Condensed consolidated interim financial statements

12 /

Condensed consolidated income statement Condensed consolidated income statement

Note

H1 23/24

H1 22/23

€'000

2 521 266

2 301 852

-2 359 220

-2 155 877

162 046

145 974

CONTINUING OPERATIONS Sales Cost of sales

4.1.

Gross profit/loss (-) Selling, marketing and distribution expenses

4.1.

-50 292

-50 139

General and administrative expenses

4.1.

-82 060

-77 990

Impairment property, plant & equipment

4.1.

-503

Other operating income/expense (-)

4.2.

6 242

9 291

196

35 437

27 332 -17 369

Share of profit/loss (-) of equity accounted investments EBIT Interest expense

4.3.

-27 585

Interest income

4.3.

684

134

Other finance result

4.3.

758

3 288

-26 143

-13 947

9 294

13 385

-2 322

-6 259

Profit/loss (-) for the period from continuing operations

6 972

7 126

PROFIT/LOSS (-) FOR THE PERIOD

6 972

7 126

6 314

6 365

659

761

H1 23/24

H1 22/23

Basic

0,13

Diluted

0,13

Net finance income/cost (-) Profit/loss (-) before income tax Income tax expense (-)/income

4.4.

Attributable to: The shareholders of the Group Non-controlling interests

Earnings per share from continuing operations (in € per share)

The attached notes form an integral part of these condensed consolidated interim financial statements.

/ 13

Condensed consolidated statement of comprehensive income Condensed consolidated statement of comprehensive income

Note

H1 23/24

H1 22/23

€'000

6 972

7 126

800

4 000

-200

-1 000

600

3 000

944

9 166

Deferred tax on cash flow hedges

-236

-2 291

Currency translation differences on foreign operations

-73

2 866

Profit/loss (-) for the period Remeasurements on post-employment benefit obligations, gross Deferred tax on remeasurements on post-employment benefit obligations Items that will not be reclassified to profit or loss

5.7

Cash flow hedges, gross

6.5

Items that may be reclassified to profit or loss

634

9 740

Other comprehensive income

1 234

12 740

TOTAL

8 207

19 866

7 496

18 687

711

1 179

Attributable to: The shareholders of the Group Non-controlling interests The attached notes form an integral part of these condensed consolidated interim financial statements.

14 /

Condensed consolidated statement of financial position Assets NON-CURRENT ASSETS Property, plant & equipment Goodwill Other intangible assets Right-of-use assets Investments accounted for using equity method Other financial assets Deferred tax assets Trade and other receivables

Note

30 September 2023

31 March 2023

€'000 1 232 646 314 195 477 504 174 495 202 897 8 653 17 653 35 432 1 817

€'000 1 239 001 320 423 477 504 177 299 205 049 8 650 16 852 31 554 1 670

754 495 457 595 238 075 695 58 130

734 205 375 382 239 012 455 119 357

1 987 141

1 973 206

30 September 2023

31 March 2023

€'000 489 561 337 692 317 882 -179 685 -2 889 16 561

€'000 486 037 337 692 317 882 -182 624 -2 763 15 850

588 913 12 816 9 072 328 027 199 407 3 509 36 083

615 839 13 735 9 117 351 534 200 810 3 142 37 501

908 667 3 866 29 007 31 929 927 842 938

871 330 3 796 29 922 30 445 1 278 805 889

1 987 141

1 973 206

5.1. 5.2. 5.3. 5.4. 5.5.

CURRENT ASSETS Inventories Trade and other receivables Other financial assets Cash and cash equivalents TOTAL ASSETS Equity and liabilities EQUITY Issued capital Share premium and other capital instruments Consolidated reserves Cumulative translation adjustments Non-controlling interests NON-CURRENT LIABILITIES Employee benefit liabilities Provisions Interest-bearing loans Lease liabilities Trade and other payables Deferred tax liabilities CURRENT LIABILITIES Provisions Interest-bearing loans Lease liabilities Other financial liabilities Trade and other payables

Note

5.6.

5.7. 5.8.

5.8.

TOTAL EQUITY AND LIABILITIES The attached notes form an integral part of these condensed consolidated interim financial statements.

/ 15

Condensed consolidated statement of changes in equity Equity H1 23/24

Note

Attributable to shareholders of the Group Share Share Treasury capital premiums shares

Retained earnings

Cash Foreign Fair Defined flow currency value benefit hedge translation reserve liability reserve reserve

Total

Noncontrolling interests

Total equity

€'000

Balance at 31 March 2023

337 692

317 882

-26 957

-160 584

5 355

-2 763

-487

470 187

15 850

486 037

Profit/loss (-) for the period

6 314

659

6 972

Other comprehensive income

708

-126

600

1 182

1 234

Total comprehensive income for the period

6 314

708

-126

600

7 496

711

8 207

Share based payments, gross

223

Deferred tax on share-based payments

5.6

-56

Sale of treasury shares upon exercise of employee stock options

287

Result on treasury shares

-170

Owner-related changes in equity (1)

-4 967

337 692

317 882

-26 671

-159 240

6 062

-2 889

113

473 001

16 561

489 561

Balance at 30 September 2023 (1)

Owner-related changes in equity consists of the dividend distribution of €0,10 per share (49.671.603 shares) as decided by the General Meeting of Shareholders on 15 September 2023. Payment of this dividend has been processed on 5 October 2023.

Equity H1 22/23

Note

Attributable to shareholders of the Group Share Share Treasury capital premiums shares

Retained earnings

Cash Foreign Fair Defined flow currency value benefit hedge translation reserve liability reserve reserve

Total

Noncontrolling interests

Total equity

€'000

Balance at 31 March 2022

337 692

317 882

-27 823

-167 481

-649

-2 651

-2 326

454 695

14 629

469 324

Profit/loss (-) for the period

6 365

761

7 126

Other comprehensive income

6 874

2 448

3 000

12 322

418

12 740

Total comprehensive income for the period

6 365

6 874

2 448

3 000

18 687

1 179

19 866

Share based payments, gross

413

Deferred tax on share-based payments

-103

Sale of treasury shares upon exercise of employee stock options

865

Result on treasury shares Balance at 30 September 2022

5.6

-525

337 692

317 882

-26 958

-161 331

6 226

-203

674

474 032

15 808

489 840

16 /

Condensed consolidated statement of cash flows Condensed consolidated statement of cash flows

Note

H1 23/24 €'000 119 356

H1 22/23 €'000 98 026

CASH FLOW FROM OPERATING ACTIVITIES (A)

38 257

37 919

EBIT from continuing operations Income taxes paid

35 437 -10 031

27 332 -6 324

Adjustments Amortisation of intangible assets Depreciation of property, plant & equipment and right-of-use assets Impairment on property, plant & equipment Write-off on stock/trade receivables Increase/decrease (-) in provisions and employee benefit liabilities Gain (-)/loss on disposal of property, plant & equipment Share based payments and other Share of profit/loss (-) of equity accounted investments

51 205 10 768 42 432 503 -553 -95 -2 070 223 -4

47 419 10 259 39 437 -5 -1 406 -1 084 413 -196

Increase (-) /decrease in working capital Increase (-)/decrease in inventories Increase (-)/decrease in trade and other receivables Increase/decrease (-) in trade and other payables

-38 354 -79 754 -1 658 43 057

-30 508 -73 118 33 188 9 422

CASH FLOW FROM INVESTING ACTIVITIES (B)

-29 750

-24 986

Acquisitions (-) Acquisition of intangible assets and property, plant & equipment Acquisition of subsidiaries (net of cash acquired)

-34 368 -33 858 -510

-26 653 -26 653 -

Disposals Disposal of intangible assets and property, plant & equipment

4 617 4 617

1 667 1 667

CASH FLOW FROM FINANCING ACTIVITIES (C)

-69 777

7 731

Acquisition (-)/ disposal treasury shares Proceeds from borrowings, net of transaction costs Repayment of borrowings Payment of principal portion of lease liabilities Net interests paid Other financial expenses

117 56 792 -81 635 -18 002 -26 214 -834

340 460 187 -421 572 -16 014 -13 984 -1 226

NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C)

-61 270

20 664

127

CASH, CASH EQUIVALENTS AND BANK OVERDRAFTS, CLOSING BALANCE

58 129

118 817

Of which: Cash and cash equivalents Bank overdrafts

58 130 1

119 264 447

CASH, CASH EQUIVALENTS AND BANK OVERDRAFTS, OPENING BALANCE

Effect of exchange rate fluctuations

The attached notes form an integral part of these condensed consolidated interim financial statements.

/ 17

Notes to the condensed consolidated interim financial statements

18 /

1. General information Greenyard (Euronext Brussels: GREEN), domiciled in Belgium in Sint-Katelijne-Waver, is one of the largest suppliers of fruit and vegetables in the world. We offer healthy food products for any lifestyle, age group or consumption. Fresh, frozen or prepared. Traditional or new varieties. Exotic or local. Pre-packaged or in bulk. The Group has approximately 8.500 employees in 19 countries around the world.

2. Significant accounting policies 2.1. Declaration of conformity The condensed consolidated interim financial statements for the six months ending 30 September 2023 contain the financial statements of Greenyard NV (‘the Company’), its subsidiaries (‘the Group’), and the Group’s interests in associated companies and jointly controlled entities. The condensed consolidated interim financial statements provide a general overview of the Group’s activities and performance. They give a true and fair view of the Group’s financial position, financial performance and cash flows on a going concern basis. The condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union. They do not contain all the information needed for full annual financial statements and should therefore be read in conjunction with the consolidated financial statements for the reporting period ended 31 March 2023, published in the 2022-2023 Financial Report. These condensed consolidated interim financial statements were authorised for issue by the Board of Directors on 9 November 2023.

/ 19

2.2. Seasonality The performance of Greenyard is impacted by seasonality although the combination of Long Fresh and Fresh has a compensating effect on this seasonality and on the working capital dynamics. Generally, Long Fresh has a production peak in the period from July to November with corresponding inventory build-up, whereas the demand is relatively stable throughout the year. This entails high working capital swings in the last two quarters of the calendar year. In Fresh, a greater portion of the sales are realised during the first two calendar quarters, whereas the third and fourth calendar quarter typically have lower sales and less homogenous sales patterns.

2.3. Changes in accounting policies and disclosures The accounting policies adopted in preparing the condensed consolidated interim financial statements are consistent with those applied when preparing the consolidated financial statements for the 2022-2023 accounting year ending on 31 March 2023, except for the items below.

Amendments to IFRS effective for the current year In the course of 2021 and 2022, the IASB made amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies; IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates; IFRS 17 Insurance contracts; IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative Information; IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a single Transaction which all became applicable as from 1 January 2023. Greenyard believes these amendments have little or no impact on its consolidated interim financial statements.

New and revised IFRS issued but not yet effective The Group did not prospectively apply the following amended standards, which have been issued but are not effective at the date of approval of these condensed consolidated interim financial statements: •

• •

•

Amendments to IAS 1 Presentation of Financial Statements: ‒ Classification of Liabilities as Current or Non-current Date (issued on 23 January 2020); ‒ Classification of Liabilities as Current or Non-current - Deferral of Effective Date (issued on 15 July 2020); ‒ Non-current Liabilities with Covenants (issued on 31 October 2022) Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (issued on 22 September 2022); Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (issued on 15 August 2023); Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements (issued on 25 May 2023); Amendments to IAS 12 Income taxes: International Tax Reform – Pillar Two Model Rules (issued 23 May 2023)

At the present time the Group does not expect that the amended standards will significantly affect the financial statements of the Group during their first-time application.

20 /

3. Segment information For management purposes, the Group is organised into two operating segments based on the Group’s activities: • The Fresh segment is a worldwide market leader and supplier of fresh fruit and vegetables, flowers and plants and fresh produce logistics. • Segment Long Fresh includes the Frozen and Prepared activities: ‒ Frozen is a pioneer and market leader that processes freshly harvested fruits and vegetables into frozen food products that are easy to store and take little or no time to prepare. ‒ Prepared is a global player in freshly preserved fruit, vegetables and other ambient food products that are easy to store and ready to eat. Management assesses segment performance and allocates resources based on Adjusted EBITDA and sales. The segment’s assets are assets belonging directly to it. Segment assets and segment sales are presented before elimination of intersegment transactions. Sales between segments are on an arm’s length like transactions with third parties.

Segment information H1 23/24

Continuing operations Fresh

Long Fresh Eliminations (1) Unallocated (2)

Consolidated

€'000

Sales

2 066 902

456 516

-2 152

2 521 266

Third party sales

2 064 969

456 298

2 521 266

Intersegment sales

1 934

219

-2 152

Adjusted EBITDA

51 954

37 413

911

90 278

1 176 947

726 283

-32 632

116 543

1 987 141

Long Fresh Eliminations (1) Unallocated (2)

Consolidated

Total assets at 30 September 2023 Segment information H1 22/23

Continuing operations Fresh €'000

€'000

Sales

1 912 766

390 727

-1 641

2 301 852

Third party sales

1 911 231

390 621

2 301 852

Intersegment sales

1 535

106

-1 641

Adjusted EBITDA

49 280

30 881

238

80 399

1 162 869

660 977

-25 362

168 614

1 967 098

Total assets at 30 September 2022 (1)

Long-term intersegment receivables and intersegment participations are not included in the segment assets and therefore not included in the eliminations. (2) Unallocated adjusted EBITDA includes adjusted EBITDA allocated to corporate. Unallocated assets include derivative financial instruments, cash and cash equivalents, restricted cash and other assets allocated to corporate.

The third party sales of the Long Fresh segment in H1 23/24 are composed of Frozen sales for an amount of € 317,9m (€ 270,3m in H1 22/23) and Prepared sales for an amount of € 138,4m (€ 120,3m in H1 22/23). Also note that there are no material changes in the composition of sales by customer location compared to AY 22/23. We refer to the section Key Financial Information for the reconciliation from EBIT to Adjusted EBITDA.

/ 21

4. Notes to the condensed consolidated income statement 4.1. Operating expenses

Cost of goods

H1 23/24

H1 22/23

€’000

1 809 890

1 628 430

Transport

148 790

156 238

Packing, warehousing and farming

214 240

202 297

Personnel and temporary workforce costs

157 951

140 304

Other

28 350

28 608

2 359 220

2 155 877

503

Cost of sales (*) Impairment property, plant & equipment Rentals

1 069

-110

Maintenance and repair

1 965

1 595

Personnel expenses

79 332

79 208

Utilities

3 065

3 322

Travel and representation

2 625

2 609

Office expenses

1 081

1 100

Fees

7 795

7 339

Insurance

2 437

2 350

Information and communication technology

6 821

5 388

Depreciation

18 322

18 141

125

137

Indirect tax

2 822

2 492

Other

4 894

4 557

132 352

128 128

2 492 075

2 284 006

Quality

Selling, marketing and distribution & general and administrative expenses TOTAL

(*) Contain personnel expenses, depreciation and other direct operating expenses in connection to operating processes.

The increase in cost of sales in H1 23/24 is largely driven by the inflation of input costs which also translates in increased packing, warehousing & farming costs, energy costs and personnel costs. Selling, marketing and distribution & general and administrative expenses increased in H1 23/24 mainly due to higher IT expenses related to the ERP roll-out in the Fresh segment and licence costs. Depreciation and amortisation expenses included in cost of sales increased by € 3,3m compared to H1 22/23 and amount to € 34,9m.

22 /

4.2. Other operating income/expense Other operating income/expenses (-)

H1 23/24

H1 22/23

€'000

Income from rentals

1 421

1 738

Indemnities recovery

155

3 592

Grants

255

303

Sale of waste

501

499

Recharge costs

1 375

1 371

Gain/loss (-) on disposal of property, plant & equipment

2 070

1 084

Other

465

703

TOTAL

6 242

9 291

The decrease in other operating income/expenses in H1 23/24 is explained by the fact that in H1 22/23 there was a recovery of previous years’ contributions related to water management. The gain on disposal of property, plant & equipment largely relates to the sale of property in the UK and the sale of land in Brazil, both within the Fresh segment.

4.3. Net finance income/cost Net finance income/cost (-)

H1 23/24

H1 22/23

€’000

Interest expense - convertible bond

Interest expense - bank borrowings

-8 190

-5 245

Interest expense - Lease & lease back

-772

-372

Amortisation transaction costs - term loan / revolving credit facility

-537

-2 668

Amortization Debt Issuance Expenses LLB

-58

-23

-12 167

-3 808

-32

-22

-5 731

-5 173

-99

-62

Interest expense

-27 585

-17 369

Interest income

684

134

Interest income

684

134

Foreign exchange gains/losses (-)

1 128

-4 064

Fair value gains/losses (-) on IRS

462

7 917

Bank and other financial income/cost (-)

-832

-565

Other finance result

758

3 288

-26 143

-13 947

Interest expense - factoring Interest expense - IRS Interest expense - Leasing Other

TOTAL

The interest expenses increased with € 10,2m due to the increased EURIBOR rates, which impacted the non-hedged portion of our credit lines and factoring programs (see Note 5.5 Other financial assets and liabilities). The latter also showed higher volumes in H1 23/24 due to sales inflation. Also note that the IRS interest income of € 4,1m is presented net of the interest expenses.

/ 23

The lower amortisation of the transaction costs on term loans and revolving credit facilities is thanks to last year’s accelerated amortisation of the remaining unamortized transactions costs as a result of the debt extinguishment of the amended and restated Facilities Agreement signed on 29 March 2021 which was followed by the signing of a new Facility Agreement in September 2022 for a total amount of € 420m. Foreign exchange losses in H1 23/24 are mainly related to Polish Zloty. Further, a fair value gain has been incurred in H1 23/24 originating from the change in fair market value of an interest rate swap contract which is not designated as a hedging instrument. This fair value gain is directly linked with the long-term interest rate curve and forward rates.

4.4. Income tax expense/income Income tax expense (-)/income

H1 23/24

H1 22/23

Current tax on profits for the year

€'000 -9 081

€'000 -6 400

Adjustments in respect of prior years

840

Current tax

-8 241

-6 342

Deferred tax

5 919

TOTAL

-2 322

-6 259

The current tax charge for H1 23/24 has increased compared to prior year. The difference is a combined effect of increased profit before tax in certain jurisdictions and the inability to offset losses in the UK due to suspension of certain trading activity. The deferred tax movement is, on the one hand, attributable to the deferred tax liability created in the prior year on the lease and leaseback transaction as well as on derivatives and, on the other hand, the deferred tax asset created in the current year on timing differences. The decrease in effective tax rate from 46,8% to 25,2% in H1 23/24 is resulting from the recognition of deferred tax assets on timing differences originating from past tax disallowances that are expected to be utilized in the foreseeable future.

24 /

5. Notes to the condensed consolidated statement of financial position 5.1. Property, plant & equipment Property, plant & equipment decreased by € 6,2m during the first half year of the accounting year and is the combined effect of € 22,0m additions, offset by (i) € 24,2m depreciation, (ii) € 3,8m decrease due to sales and disposals and (iii) -€ 0,2m other movements. The additions primarily consist of plant, machinery and equipment (€ 9,5m), assets under construction (€ 8,5m) and furniture and vehicles (€ 3,7m). Sales and disposals are mainly related to the sale of property in the UK and the sale of land in Brazil, both within the Fresh segment.

5.2. Goodwill The Group tests the goodwill for impairment annually and when there are indicators that the most recent impairment testing (i.e. 31 March 2023) may be impacted. The Group’s impairment test for goodwill is based on value-in-use calculations which are, in turn, based on a discounted cash flow model. Note that the goodwill is entirely related to the Fresh segment. Management concluded that there are no indications that goodwill is impaired as of 30 September 2023. We remind you that the headroom as of 31 March 2023 amounted to € 224,5m.

5.3. Other intangible assets The decrease of the other intangible assets by € 2,8m during the first half of AY 23/24 mainly relates to amortisation (€ 10,8m), partly compensated by additions (€ 6,9m) which largely relate to software and licenses.

5.4. Right-of-use assets During H1 23/24, the right-of-use assets decreased by € 2,2m mainly due to € 10,3m additions and € 5,8m remeasurements, which are largely offset by € 18,2m depreciations. Additions are mainly composed of a new property lease and new forklifts, both in the Fresh segment while remeasurements mainly relate to indexations of certain contracts in H1 23/24.

/ 25

5.5. Other financial assets and liabilities Other financial assets and liabilities

30 September 2023

31 March 2023

Assets

Liabilities

Assets

Liabilities

€'000

IRS - held-for-trading

8 537

8 075

IRS - cash flow hedging

9 117

8 778

Non-current derivatives

17 653

16 852

Forward agreements - held-for-trading

Forward agreements - cash flow hedges

695

927

441

1 278

Current derivatives

695

927

455

1 278

Equity investments

18 348

927

17 307

1 278

TOTAL

During the first half year ended 30 September 2023, the group entered into 2 forward starting interest rate swaps (starting in September 2024), hedging the primary indebtedness and the factoring exposure, for € 75,0m each. These 3-year interest rate swaps are with highly rated counterparties that effectively converted the rate of € 150,0m of interest rate exposed instruments from variable to fixed. The interest rate swap hedging the primary indebtedness is based on the three-month EURIBOR benchmark rate and has a fair value of € 0,3m as of 30 September 2023 while the interest rate swap hedging the factoring exposure is based on the one-month EURIBOR benchmark rate and has a fair value of € 0,1m as of 30 September 2023. The 2 interest rate swaps entered into in AY 22/23 have a fair value of € 8,8m and € 8,5m as of 30 September 2023 respectively hedging the primary indebtedness and factoring exposure. The 2 forward starting interest rate swaps entered into in H1 23/24 were designated as hedging instruments and therefore hedge accounting was applied hereon. The forward agreements relate to fx forwards for which the amount is mainly driven by GBP, USD and PLN forwards.

5.6. Shared based compensation Number of options 31 March 2023

Granted H1 23/24

Forfeited H1 23/24

Exercised H1 23/24

30 September 2023

Plan 2019

834 986

-34 000

800 986

Plan 2021

940 000

-35 000

905 000

TOTAL

1 774 986

-35 000

-34 000

1 705 986

Upon the achievement of the vesting conditions of the 2019 SOP plan, the options were definitively acquired (vested) on 31 March 2022. Following this vesting, 34.000 options were exercised in the first 6 months of AY 23/24 with an exercise price of €3,436 which resulted in a decrease of treasury shares for an amount of € 0,3m, resulting in a loss on this sale of € 0,2m. In relation to the 2021 SOP plan, 35.000 options were forfeited during the first half year ended 30 September 2023.

5.7. Pension and other employee benefit liabilities The Group reviewed the actuarial assumptions applied in its March 23 Financial Report. The March 2023 discount rate of 3,7% increased to 4,2% as of 30 September 2023 due to the inflationary climate and current complex macro-economic context. This higher discount rate results in a decrease of the employee benefit liabilities of € 0,8m as of 30 September 2023.

26 /

5.8. Interest-bearing loans Interest-bearing loans at 30 September 2023

Due within 1 year €'000

Due between 1 and 5 years €'000

Due after 5 years €'000

TOTAL

25 000

180 459

205 459

Revolving credit facility

66 262

Other bank loans

415

Bank overdrafts

Lease and Leaseback financing

4 006

16 202

64 688

84 897

TOTAL

29 007

263 338

64 688

357 034

Interest-bearing loans at 30 September 2023

Fixed

Floating

TOTAL

Gross

€'000

276 916

258 208

-258 208

At amortised cost Term loan

Gross bank debt (pre-hedge) Interest rate hedge

€'000

Lease and Leaseback financing

87 069

Gross financial debt (post-hedge)

345 277

18 708

363 985

Net financial debt (post-hedge)

343 105

13 929

357 034

94,9%

5,1%

100,0%

Secured

Non-secured

TOTAL

Fixed/Floating Ratio Interest-bearing loans at 30 September 2023 At amortised cost

€'000

271 721

85 313

357 034

Due within 1 year €'000

Due between 1 and 5 years €'000

Due after 5 years €'000

TOTAL

25 000

180 233

205 233

87 940

948

516

1 464

Total Interest-bearing loans at 31 March 2023 At amortised cost Term loan Revolving credit facility Other bank loans Bank overdrafts

€'000

Lease and Leaseback financing

3 973

16 071

66 773

86 817

TOTAL

29 922

284 761

66 773

381 456

Interest-bearing loans at 31 March 2023

Fixed

Floating

TOTAL

Gross

€'000

298 964

Interest rate hedge

277 975

-277 975

Lease and Leaseback financing

89 047

Gross financial debt (post-hedge)

367 022

20 989

388 012

Net financial debt (post-hedge)

365 518

15 938

381 456

94,6%

5,4%

100,0%

Secured

Non-secured

TOTAL

Gross bank debt (pre-hedge)

Fixed/Floating Ratio Interest-bearing loans at 31 March 2023 At amortised cost Total

€'000

293 175

88 281

381 456

/ 27

Lease and leaseback transaction During AY 22/23 Greenyard completed a lease-and-leaseback transaction regarding a long lease right on the food processing and warehouse facility of its Prepared division in Bree, Belgium. This long-term lease has a lease term of 20 years with a fixed interest of 1,64% as of September 2022. Movements on the outstanding lease-and-leaseback debt in the first 6 months of AY 23/24 concerned the monthly repayments and the amortization of the capitalized transaction costs.

Bank loans During AY 22/23 Greenyard completed and signed a new Facility Agreement for a total amount of € 420m with a pool of banks, consisting of a € 220m senior secured term loan and a € 200m senior secured Revolving Credit Facility, both with a 5year tenor maturing on 22 September 2027. The banking syndicate of the Group was extended from 6 to 11 banks, adding several new banking partners that have an international presence, matching the geographies in which the group is active. During AY 22/23, the first instalment on the term loan of € 12,5m was paid. Subsequently € 25,0m repayments will be due in March of each accounting year. As such, the sole movement on the term loan in the first 6 months of AY 23/24 exclusively related to the amortization of the capitalized transaction costs. Movements in H1 23/24 on the revolving credit facility relate to drawdowns and the amortization of the capitalized transaction costs. Short-term bank debt varies in function of cash generated by operations, working capital needs and factoring drawdown. The drawn amount on the revolving credit facility as per 30 September 2023 amounts to € 69,0m. During the first 6 months of AY 23/24 Greenyard has secured an incremental € 45m revolving credit line in order to support its further growth. The syndicated banks have signed an Amendment Letter thereto on 27 June 2023. This brings the gross undrawn amount as of 30 September 2023 to € 176,0m on the revolving credit facility. The gross outstanding amount on the term loan amounts to € 207,5m as of 30 September 2023. The applicable covenants under the Amendment Letter include a Leverage Ratio (Adjusted Net debt/Adjusted EBITDA) below 3,5x on 30 September 2023 and 2024 and below 3.25x on 31 March 2024, and an Interest Cover Ratio above 4,0x, all pre IFRS 16. As of 30 September 2023, the Group has been in compliance with these covenants. The Group also avails of bilateral facilities with individual financial institutions outside of the syndicate banks for an amount of € 3,9m (€ 6,1m per 31 March 2023), of which € 0,4m was used as of 30 September 2023.

Fair value of loans Financial assets and liabilities by class and category at 30 September 2023 Bank loans Lease and Leaseback financing Financial assets and liabilities by class and category at 31 March 2023 Bank loans Lease and Leaseback financing

Net carrying amount

Fair value

€'000

272 137 84 897

293 753 75 099

Net carrying amount

Fair value

€'000

294 639 86 817

299 981 79 600

28 /

6. Other elements 6.1. Subsidiaries and changes in consolidation scope The parent company of the Group is Greenyard NV, domiciled in Sint-Katelijne-Waver, Belgium. The subsidiaries, associates, joint ventures and investments recorded at cost of the Group as per 30 September 2023 are the same as presented in the annual report as per 31 March 2023, apart from the acquisition of the below subsidiary: •

Gigi Holding BV, which was acquired in May 2023 for a total consideration of € 1,6m including contingent and non-contingent deferred payments for € 1,0m. A purchase price allocation exercise resulted in the recognition of a ‘trade secret’ intangible asset for an amount of € 1,1m, which will be amortised over a period of 20 years. No goodwill was created on this transaction.

6.2. Off-balance sheet commitments There are no major changes in the off-balance sheet commitments compared to the previous reporting period. At 30 September 2023, the total amount of derecognised trade receivables under the factoring program amounted to € 270,9m (compared to € 309,5m at 31 March 2023).

6.3. Contingent liabilities There are no significant changes in the contingent liabilities compared to the previous reporting period.

/ 29

6.4. Related parties There are no significant changes in related parties compared to the previous reporting period.

6.5. Risk management description Although the principal risks and uncertainties for the remaining months of the accounting year ending 31 March 2024 remain the same as those described in the previous annual report at 31 March 2023, we want to point out the following. As of 30 September 2023, Greenyard has € 357,0m in indebtedness (excl. lease liabilities), primarily with variable rate facilities, as well as a factoring agreement, also with variable rates. Therefore, changes in interest rates in our indebtedness could have a material impact on our financial results. The Group may enter into interest rate swaps to hedge its exposure to changes in interest rates. During the first half year ended 30 September 2023, the group entered into 2 forward starting interest rate swaps (starting in September 2024), hedging the primary indebtedness and the factoring exposure, for € 75,0m each. These 3-year interest rate swaps are with highly rated counterparties that effectively converted the rate of € 150,0m of interest rate exposed instruments from variable to fixed. The interest rate swap hedging the primary indebtedness is based on the three-month EURIBOR benchmark rate while the interest rate swap hedging the factoring exposure is based on the one-month EURIBOR benchmark rate. The 2 forward starting interest rate swaps entered into in H1 23/24 were designated as hedging instruments and therefore hedge accounting was applied hereon. Note that, in addition to the forward starting interest rate swaps entered into in H1 23/24, Greenyard already has 2 interest rate swaps in place in which it entered in AY 22/23 (see Annual Report AY 22/23 Note 6.18 Risk management). In relation to liquidity risk, we refer to Note 5.5. Interest-bearing loans.

6.6. Litigations and claims There are no new significant changes in the status of main disputes compared to the previous reporting period. To the extent the expected outcome of the aforementioned disputes would result in a potential impact for Greenyard, a provision has been recorded or an existing one has been revised.

6.7. Events after balance sheet date There are no major events subsequent to the balance sheet date which have a major impact on the further evolution of the Group.

30 /

Statement of responsible persons

/ 31

Declaration regarding the condensed consolidated interim financial report for the 6-month period ended 30 September 2023.

Sint-Katelijne-Waver, 9 November 2023 The undersigned, in the name and on behalf of Greenyard NV, declare that, as far as they are aware: • the condensed consolidated interim financial statements for the six-month period ended 30 September 2023, established in conformity with the applicable accounting standards, give a true and fair view of the equity, the financial position and the results of Greenyard NV, including its consolidated subsidiaries; • this half year financial report for the six-month period ended 30 September 2023 contains a true and fair statement of the important events, the results and the position of Greenyard NV, including its consolidated subsidiaries, as well as a comment on the principal risks and uncertainties confronting the Group. Ahok BV, represented by Mr Koen Hoffman, Chairman of the Board of Directors Deprez Invest NV, represented by Mr Hein Deprez, co-CEO and Managing Director MZ-B BV, represented by Mr Marc Zwaaneveld, co-CEO NDCMS BV, represented by Mr Nicolas De Clercq, CFO

32 /

Statutory auditor’s report on the condensed consolidated interim financial statements

/ 33

34 /

Financial definitions

/ 35

CAPEX

Capital expenditures

EBIT

Operating result

EPS

Earnings per share

ICR

Integrated customer relationships

IRS

Interest rate swap

Liquidity

Current assets (including assets classified as held for sale)/Current liabilities (including liabilities related to assets classified as held for sale)

Leverage

NFD (for leverage) / LTM adjusted EBITDA (for leverage)

Net financial debt (NFD)

Interest-bearing debt (at nominal value) after the impact of lease accounting (IFRS 16), less derivatives, bank deposits, cash and cash equivalents and restricted cash

Net financial debt (NFD) excl. lease accounting

Interest-bearing debt (at nominal value) before the impact of lease accounting (IFRS 16), less derivatives, bank deposits, cash and cash equivalents and restricted cash

NFD (for leverage)

Net financial debt (NFD) excl. lease accounting

Net result

Profit/loss (-) for the period

Adjusting items

Adjusting items are one-off expenses and income that in management’s judgement need to be disclosed by virtue of their size or incidence. Such items are included in the consolidated income statement in their relevant cost category, but separately disclosed in the chapter Key financial information reconciling EBIT to adjusted EBITDA. Transactions which may give rise to adjusting items are principally restructuring and reorganisation activities, impairments, disposal of assets and investments, claims, IFRS 3 acquisition accounting and corporate finance related projects and the effect of the accelerated repayment of certain financial indebtedness

Adjusted EBITDA

EBIT corrected for depreciation, amortisation and impairments excluding adjusting items, excluding EBIT corrected for depreciation, amortisation and impairments from minor operations that are divested or divestment is in process (not within the scope of IFRS 5).

LTM

Last twelve months

LTM adjusted EBITDA

Last twelve months adjusted EBITDA, corrected for acquisitions and disposals on a like-for-like basis

LTM adjusted EBITDA (for leverage)

Last twelve months adjusted EBITDA, corrected for acquisitions and disposals on a like-for-like basis and excluding the impact of lease accounting (IFRS 16)

Working capital

Working capital is the sum of the inventories, trade and other receivables (non-current and current) and trade and other payables (current). In this respect trade and other receivables are corrected for long-term (financing) receivables and accrued interest income and trade and other payables exclude accrued interest expenses and dividend payable.

Sales (like-for like)

Reported sales of the period adjusted for operations that are divested or divestment is in process

AY 23/24

Accounting year ending 31 March 2024

AY 22/23

Accounting year ended 31 March 2023

H1 23/24

First half year of accounting year ending 31 March 2024

H1 22/23

First half year of accounting year ended 31 March 2023

About Greenyard Greenyard (Euronext Brussels: GREEN) is a global market leader of fresh, frozen and prepared fruit & vegetables, flowers and plants. Counting Europe’s leading retailers amongst its customer base, Greenyard provides efficient and sustainable solutions to customers and suppliers through best-in-class products, market leading innovation, operational excellence and outstanding service. Our vision is to make lives healthier by helping people enjoy fruit & vegetables at any moment, easy, fast and pleasurable, whilst fostering nature. With around 8 500 employees operating in 19 countries worldwide, Greenyard identifies its people and key customer and supplier relationships as the key assets which enable it to deliver goods and services worth approx. € 4,6 billion per annum.

Greenyard NV / Strijbroek 10 / 2860 Sint-Katelijne-Waver / Belgium